ROC form Filings & Annual Compliance by an OPC
OPC is framed by a person who wants to have complete control over business and what it is to be a separate legal entity. OPC can be created by a person who is an individual who is a resident of India as well as citizen of India. To Comply with the concept of going concern it provides the name of a person who would continue the business even after his death.Nominee becomes the member of OPC after demise of member and must appoint another person as a nominee. Nominee must provide his consent in writing his willingness to be appointed as the nominee and submit the form as per the act.
Annual Compliance of OPC
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MBP -1 |
Directors in every first board meeting of the financial year file its interest in other entities; it also includes the interest of its relatives. If during the financial year interest of directors changes then it will give the company a new MBP -1 containing all the disclosure of current interest. |
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DIR -8 |
Directors are required to fill the form to disclose that he is not disqualified to be appointed as director of the company. |
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DIR 3 KYC |
Every director is required to file KYC web in every financial year within the time specified. Non compliance shall lead to cancellation of DIN and penalty for revival of DIN by filing DIR 3 KYC |
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AOC -4 |
OPC is required to file its financial statement along with its auditors report, board report of the company, within the time provided in the act. |
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MGT -7A |
OPC is required to file its annual return within the time specified in the act. It is required to file an abridged form of annual return. |
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ADT -1 |
When an auditor is appointed in the company then the company needs to file ADT-1 for appointment of an auditor. Generally an auditor is appointed for a time frame of 5 years. It is filled in the year in which the author is appointed. |
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DPT -3 |
Where a company has any particulars of deposit. Then the company needs to file a return of deposits in the prescribed manner. |
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Directors report |
Directors report needs to be signed by the directors before it is attached in the financial statement. |
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MSME -1 |
Company needs to file MSME -1 indicating the delays in payment and any outstanding payment of the company. |
Other Compliances for OPC
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Board Meeting :-
At least one board meeting to be held in each half of the calendar year and time gap between two board meetings should need to be less than 90 days as per the companies act. While conducting board meetings, a company needs to comply with the provisions of SS-1 if there are more than one directors in the company. In case a company has only one director SS-1 is not applicable not applicable and in case of OPC company may have one direction.
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Annual general meeting : -
OPC is not required to conduct agm but it is required to file returns within the time frame . Many provisions of the act are not applicable to OPC as it is exempted under the act. Any resolution given by member can be entered in minute book as well as signed and dated by member shall be considered as agm and it is not required to comply with SS2.
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Maintenance of register : -
Every company need to maintain various books and register as per the act few of them are as follows : -
- Members register for the members
- Directors register containing all details of the director.
- Charges register
- Related party register
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Notice for conducting board meetings : -
An OPC has to given notice for conducting board meetings for not less than 7 days however it can give notice for less than 7 days for any important business.
Benefits of the OPC
- Every company needs to comply with the rotation of authors and auditor report but in of OPC it is not applicable
- Penalty is less for OPC than other company forms like private, public as per the section 44B of the act.
- As in case of OPC case flow is not mandatorily required to be prepared.
- Provisions of quorum for members are also not applicable in case of OPC.
- If the OPC has a company secretary then the annual return must be signed by the company Secretary. If there is no Company secretary then any of the directors auhtorised by the board may sign.
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